What Mandarin does

Mandarin is a Russian-headquartered fintech IT-platform founded in 2016 that operates as an information-exchange intermediary between businesses (merchants, marketplaces, platforms) and licensed financial institutions. The company does not itself hold or transfer client funds; instead, it connects merchants with 15+ integrated banks and microfinance organizations to deliver payment acceptance (cards, SBP, international cards), point-of-sale installment financing (BNPL up to 2.5–3 million rubles, 75%+ approval rates through multi-lender competition), mass payouts to bank cards and e-wallets, self-employed payouts with automatic FNS tax receipt generation, banking-as-a-service payment routing and splitting, simplified KYC/identification via SMEV/SBP/NBKI, and a free cloud-based online cash register compliant with Russian Federal Law 54-FZ. The platform is registered as a Bank of Russia payment agent (#45/#46) and information exchange operator (#110-112), and holds PCI DSS v3.2 Level 1 compliance.

The product portfolio spans 11+ modular services accessible via REST API with OAuth 2.0, white-label capability, and ready-made CMS integrations for WordPress, WooCommerce, OpenCart, 1C-Bitrix, Shopify, and others. Notable products include Dolki — a BNPL offering where Mandarin itself acts as creditor without third-party lenders — card tokenization, an embedded payment widget, and "Robotic Sales" automated sales conversion. The platform operates globally in principle but is concentrated in Russia, with international legal entities in London (Mandarin Global Ltd, Reg #14170821) and Astana, Kazakhstan (Payments and Instalments Ltd, Reg #230740006239), and a co-founder team of Alex Tolstik (CEO) and Maksim Nekrylov (CTO).

Mandarin generates revenue through transaction fees on payment processing, commissions from lenders on approved installment applications (lenders compete for applications to maximize merchant approval rates), and revenue share from a global white-label partnership program under which ISVs and fintech developers reportedly earn $5K+ monthly. The go-to-market combines product-led growth (self-serve registration, sub-30-minute integration via no-code modules, +50% conversion / +20% approval marketing claims) with API-first enterprise sales and a partner/reseller channel. Operating scale includes 3.5 million monthly transactions, 70+ billion rubles in annual payment volume, and 7,000+ connected B2B companies across e-commerce, retail, healthcare, education, hospitality, telecom, automotive, pawnshop, insurance, debt collection, and marketplace verticals.

Name

Mandarin

Legal name

OOO "Мандарин" (Limited Liability Company Mandarin)

Website

https://mandarin.io

Company type

Private

Founded year

2016

Operating status

Operating

Headcount range

51–100 employees

Short description

Mandarin is a Russian fintech IT-platform connecting 7,000+ B2B merchants with 15+ banks to deliver payment acceptance, BNPL/installments, mass payouts, and fiscal cash register services via a single API and white-label partner network.

Ownership category

akta.pro rank

Product category

Payment Infrastructure and BNPL Platform

NAICS

Financial Transactions Processing, Reserve, and Clearinghouse Activities (522320)

SIC

Miscellaneous Business Credit Institution (6159)

akta.pro primary industry

Merchant Payment Gateways (API/Hosted Checkout) (FSAMACAA)

akta.pro secondary industries

Merchant-Integrated BNPL (Checkout POS Financing) (FSAGAIAA), Merchant-Integrated BNPL (Online Checkout) (FSAKACAA)

Keywords

• Payment processing
• BNPL installments
• Banking as a service
• Mass payouts
• Online payment acceptance

Headquarters

HQ city

Moscow

HQ country

Russia

HQ region

Europe

Offices4 records

Markets served

GTM type

B2B

Offering type

Software

Cost components

Technology or R&D, Personnel, Infrastructure, Operations, Marketing or Sales

Revenue model

1. Transaction/Processing Fees: Mandarin charges merchants transaction fees for payment processing, installment processing, and payout services. The platform takes a percentage or fixed fee per transaction processed through its infrastructure. The platform facilitates payment flows between customers, merchants, and lending institutions, earning fees on each transaction processed.
2. Partner/Reseller Revenue Share: Mandarin splits earnings with partners who build white-label payment applications or resell platform services. Many partners currently earn more than $5K monthly through the global partnership program.
3. Installment/Lending Facilitation: Mandarin facilitates POS financing by connecting merchants with multiple lenders (banks and MFOs). The platform earns commissions from lenders for directing approved credit applications, with lenders competing for applications to maximize approval rates.

Pricing tiers

Go-to-market motion2 records

Distribution channels5 records

Marketing channels8 records

Core offering

Mandarin is an API-first B2B fintech IT-platform that connects merchants, marketplaces, and platforms with 15+ licensed banks and microfinance organizations to deliver payment acceptance (cards, SBP, international cards), BNPL and installment financing, mass payouts, and banking-as-a-service routing. It is not a financial institution itself — it operates as an information exchange layer, charging transaction-based fees while lenders and merchants transact through its PCI DSS Level 1 compliant infrastructure.

Product overview

Mandarin is a fintech B2B platform operating as an IT-infrastructure provider that connects businesses (merchants, marketplaces, platforms) with financial institutions (banks, MFOs) to deliver payment acceptance, consumer finance (BNPL/installments), mass payouts, and banking-as-a-service products. The platform functions as an intermediary — it is not itself a financial institution and does not hold or transfer client funds, but provides information exchange infrastructure between businesses and licensed payment providers/lenders. The core product portfolio includes: (1) Payment Acceptance — card and SBP payment processing; (2) Installments / BNPL — POS financing connecting buyers with 15+ lenders, with Mandarin absorbing credit risk and guaranteeing merchant settlement; (3) Dolkі — Mandarin's own BNPL product acting as creditor without third-party banks; (4) Mass Payouts — bulk disbursements to cards and SBP; (5) BaaS — payment routing and splitting; (6) self-employed payout services with FNS integration; (7) Mandarin.ID — online KYC/identification; and (8) free cloud-based fiscal cash register. All products are accessible via REST APIs and white-label implementations.

Differentiator

Problem solved

Functional benefit

Products and services

• Payment Acceptance (Приём платежей) Online payment acceptance service for merchants supporting bank cards (Visa, Mastercard, JCB, Amex, Diners Club), SBP (Russian Faster Payment System), Apple Pay, Google Pay, and e-wallets (Qiwi, Yandex.Money, WebMoney) with next-business-day or instant settlement to merchant accounts, processing 24/7/365.
• Installments / POS Lending (Рассрочки и кредиты) BNPL and POS installment service connecting buyers with 15+ Russian banks and microfinance organizations. Supports amounts up to 3 million rubles with terms up to 48 months, online application processing, and approval rates above 75% through multi-lender competition. Mandarin assumes 100% credit risk and guarantees merchant settlement.
• Mass Payouts (Массовые выплаты) Bulk disbursement service enabling instant payments to any number of recipients via bank cards or SBP (Faster Payment System) accounts, with automatic status tracking, self-employed (samozanyatye) status verification with FNS, and fiscal receipt generation per Federal Law 422-FZ.
• BaaS: Payment Routing and Splitting (BaaS / Сплитование и роутинг) Banking-as-a-Service module enabling flexible payment routing and splitting between payers and multiple recipients (individuals and legal entities), supporting virtual accounts and electronic payment instruments for marketplace and platform use cases.
• Dolki — BNPL Without Banks (Дольки) Buy Now Pay Later product where Mandarin itself acts as the creditor, allowing merchants (including pawnshops via the Tutanchamon network) to offer installment plans to customers without involving third-party banks or MFOs, with Mandarin handling online deal registration and settlement.
• Free Online Cash Register / Cloud Kassa (Бесплатная онлайн-касса) Cloud-based fiscal cash register (online kassa) integrated with Mandarin's payment flow, enabling merchants to issue electronic receipts compliant with Russian Federal Law 54-FZ with no installation, maintenance, or integration costs.
• Self-Employed Payouts (Выплаты самозанятым) Automated payout service for self-employed individuals (samozanyatye) with automatic FNS (Federal Tax Service) status verification and electronic receipt generation compliant with Russian Federal Law 422-FZ, payable to bank cards and SBP accounts.
• International Payments (Международные платежи) International payment acceptance service enabling merchants to receive payments from foreign bank cards with proceeds converted and credited to merchant accounts in rubles.
• Robotic Sales (Робопродажи) Automated sales accompaniment service for installment and credit products that guarantees conversion into signed installment or credit agreements using automated workflow processing for merchants.
• Mandarin.ID — Online Identification (УПРИД) Online identification service leveraging partner bank infrastructure via the System of Interagency Electronic Interaction (SMEV), SBP (Faster Payment System), and NBKI (National Bureau of Credit Histories) for simplified KYC/AML verification and credit history checks.
• Mandarin Installments (International BNPL up to $10,000) International-facing installment and BNPL product supporting credit limits up to $10,000, connecting global merchants with competing lenders to maximize approval rates and average order value.
• Card Tokenization Card tokenization service enabling secure storage of card-on-file credentials, recurring payments, and authorization holds using tokenized card references rather than raw card data.
• White-Label Platform White-label payment and consumer finance platform allowing partners — ISVs, fintech developers, and banks — to build custom payment products and applications on top of Mandarin's PCI DSS-compliant infrastructure, with revenue share and dedicated technical support.

Quantifiable outcome

• +50% increase in conversion rates for merchants offering BNPL/installment checkout
• +9 more outcomes

Named customers16 records

Segments12 records

Ideal customer profiles5 records

Technology focussed Yes

API detail

Has API

Yes

API docs

API detail

Core technology

AI maturity

App detail

Integration33 records

Feature6 records

Partnerships

Eight partnerships are on record, tiered core.

• SberbankcoreTechnology or IntegrationConnected via SBP (Faster Payment System) for instant payouts. Listed among integrated banking partners for payment routing and processing.
• VTB BankcoreTechnology or IntegrationIntegrated for SBP (Faster Payment System) payouts. One of the primary banks for instant payment transfers.
• Alfa-BankcoreTechnology or IntegrationIntegrated bank partner for payment processing, BNPL lending, and SBP transfers. Among the 15+ connected financial institutions.
• Gazprombank (Газпромбанк)coreTechnology or IntegrationConnected for payment processing and as a payment partner. Listed among key banking partners.
• Promsvyazbank (ПСБ)coreTechnology or IntegrationListed as a key payment partner for payment processing and transaction settlement.
• VisacoreTechnology or IntegrationVisa is a payment network partner enabling card payments. Mandarin is listed as a Visa partner (verified status) and won the Visa Everywhere Initiative competition.
• MastercardcoreTechnology or IntegrationPayment network partner enabling Mastercard card acceptance on the platform.
• Central Bank of Russia (ЦБ РФ)coreOthersMandarin holds official status as a payment agent (reestr #45) and information exchange operator (reestr #110-112) registered with the Central Bank of the Russian Federation.

Scale indicators7 records

Recent moves6 records

Expansion highlights6 records

Market position

Competitive moat6 records

Key risks6 records

Key highlights7 records

Customer concentration

• Xx.com/paymandarin
• Facebookfacebook.com/mandarinpay

Compliance6 records

Revenue estimate

Valuation estimate

Number of profiles

Profiles3 records

Subsidiaries1 record

Funding overview

Funding rounds2 records

Investors

Funding detail is available on the Subscription and Enterprise plan.Contact sales →

M&A

Investments

M&A and investment is available on the Subscription and Enterprise plan.Contact sales →

Frequently asked questions about Mandarin